In accordance with the regulations for listed companies' submission of interim statements Stylepit A/S hereby submits the interim report for the period 1 January 2015 to 31 March 2015. The development in the quarter has been characterized by turnaround measures intended to restore the conditions for positive operating results based on a stabilization of the Stylepit A/S market share in the Nordic region. Management has implemented a head-count reduction during the period with the aim to lower the sales levels required to support break even. Cash-flows realized during the period have been at levels expected.

Full year earnings expectations are maintained based on a lowered revenue target


Management expects that the year will show an overall -25% year-on-year decline in net sales to a level of DKK 360 million in the financial year 2014/15. Previous expectations have been based on an expected revenue decline of -20%. The lower revenue target is a consequence of the ongoing turnaround focused on restoring positive earnings with increased geographical focus on the Nordic region.


EBITDA is expected unchanged at DKK - 28 million in the financial year 2014/15. This in spite of a further downgrade of the revenue target for the financial year 2014/15.

Status of the strategic and structural opportunities


The company announced on 29/1-2015, that the planned acquisition of a number of companies from the Norwegian company Conseptor AS was subject to a number of factors that have proven not to be achievable.


Consequently the Board and Management has launched a study of the strategic and structural opportunities to increase revenue and earnings and strengthen the capital base, ref. Company announcement no. 1/2015, no. 5/2015 and no. 6/2015.

The Board has noted todays article on Stylepit A/S in today's edition of Dagbladet Børsen, and aims to clarify that there is currently no decision to enter into a particular transaction, and there is no assurance that Stylepit A/S will enter into a transaction. The company has been in dialogue with a number of industrial and financial players about their possible participation in the development of the company's business potential and / or contribution to the strengthening of the capital base. If committing to a transaction in the extension of these dialogues, it must be assumed that such a transaction will be carried out based on a valuation of Stylepit A/S, which is significantly lower than the current market price on the stock exchange.


Questions regarding this announcement may be directed to Marc Jeilman on mobile +45 20 35 25 80 or board member Christian Bjerre Kusk on mobile +45 28 56 37 52.

STYLEPIT A / S

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